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After 75 long years, Mexico is finally choosing to reform its energy industry. Companies like Ensco and Hercules Offshore are likely to benefit.

This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors @TMFEnergy.

Due to the decline in Mexico's energy production, the government has decided to allow foreign oil companies to team up with state-owned Pemex to help right the ship. Not everyone in the country is on board, however. Motley Fool analyst Taylor Muckerman believes that Mexico and Pemex could learn a lot from how Brazil and Petrobras(NYSE:PBR) have handled auctions in the past considering the intimate ties between the government and its national oil company. He also believes that a more sure way to play this news from an investor's standpoint is to invest with service companies. He highlights Ensco (NYSE:ESV) and Hercules Offshore(NASDAQ:HERO). Find out why in the video below.

Author

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Taylor is an Associate GM in our Fool International operations. Prior to that he covered all things Energy + Materials as an analyst. Over the years, he has built an investing skill set to rely on when evaluating companies inside and out. While at the Fool, he has made appearances on CNBC and Fox Business. In addition, he completed his MBA at the University of Maryland and will sit for the Level II CFA Exam.